Analysis for November 10th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair continues moving downwards. On Thursday, the local correction may take place, but later bears may try to break the local low. The closest target is the group of fibo-levels at 1.0800.
As we can see at the H1 chart, the target of the correction is the retracement of 23.6%, which is confirmed by intraday fibo-levels. If the price rebounds from this area, the market will start falling towards its downside targets.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair left the range, where it had been consolidating for a long time, and reached the correctional retracement of 50%. It’s highly likely that soon the price may break this level and reach the next target at the retracement of 61.8%. If later the market rebounds from it, the pair may start a new ascending correction.
As we can see at the H1 chart, the correctional retracement of 61.8% is confirmed by several local fibo-levels. It’s highly likely that during the day the price may reach a new low and test the above-mentioned area. If the pair rebounds from it, the market may start a new bullish correction.
RoboForex Analytical Department